£7m refurb loan for super-prime Notting Hill mansion project
Article originally published by PrimeResi on 21st Dec 2020
CapitalRise and Axian have stepped in to bankroll a grand refurbishment on Ladbroke Gardens.
A super-prime refurbishment project is cracking on in Notting Hill, after the development team secured a £7m senior loan from luxury property development financiers CapitalRise.
The money will be used to fund the transformation of a grand four-storey semi-detached house overlooking Ladbroke Square, that’s been valued at £22m. The property has a private garden as well as access to one of London’s loveliest garden squares. At three hectares, Ladbroke Square is the biggest of 16 gardens in the Ladbroke Estate; it’s only open to residents.
Works are being carried out by top-end construction specialists Seacon, to designs by Rodic Davidson Architects for a private developer.
CapitalRise (which was created by the founders of Finchatton and is run by Uma Rajah) worked with Axian Capital Management (which specialises in raising capital for private individuals and their companies) to fund this project alongside Seacon.
The Ladbroke Square project means that CapitalRise has now lent against over £456 million of property assets since it launched in 2016 – including against over £115m this year, mainly in prime London locations and around the South East. 2020 has been “a record-breaking year of significant growth,” says the team.
Uma Rajah, CapitalRise CEO and Co-Founder: “It has been a fantastic year for CapitalRise, and we are incredibly proud of our achievements this year. We have continued our commitment to lend in challenging circumstances without sacrificing extensive due diligence. This Notting Hill scheme is an outstanding example of our commitment to serving the Prime Property development sector, which is renowned for its resilience.”
Katy Katani, Associate Director of CapitalRise, “This ultra-exclusive, historic location has been in high-demand for decades and is exactly the type of property that the CapitalRise expertise is suited to. We worked closely with Axian Capital Management to construct a bespoke package and will continue to follow the progress of this impressive development. This deal confirms our strong appetite for funding Super Prime developments in Central London.”
Dan Cefai of Axian Capital Management: “This was a time-sensitive transaction and required a lender that could step-in to a development project mid-way through the refurbishment works, after the previous funder had funding lines cut due to the coronavirus pandemic and could no longer fund the project. CapitalRise, with their in-house expertise of the prime central London market and extensive residential development knowledge made light-work of the construction element and closed the deal within 7 weeks from the point we decided to proceed with them to the 1st drawdown.
Katy Katani and the team were professional to deal with every step of the way and acted with diligence and efficiency. This is the second transaction Axian Capital Management have placed with CapitalRise and we look forward to working with the team on this and many new deals going forward…”
